Mountview Estates, the residential trading company, has blamed the “uncertain economic climate” on a slump in profits in its full year results.
Profit before tax was down 18% to £36.9m while earnings per share was down 17.5% to 766.4p.
The company said uncertainty in the market has led to a fall in the number of sales, which caused profits to decline at a sharper rate than house prices.
However, it added that the cost of purchases has increased by more than 50%, year-on-year, which means it has higher quality stock to sell once the market improves.
In a statement this morning, Duncan Sinclair said: “This statement does not seek to deny that profits have fallen but the business remains soundly based and financially secure.
“When Brexit negotiations and other economic uncertainties are resolved the purchases we are presently able to make will realise good profits and we can look forward to future increased earnings.”
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